TOP 100: Openwork to stay 'deeply committed to mortgage market'

With its business restructuring close to complete, positive results are showing at Openwork, with revenue at the multi-tied network business jumping to £234m, putting it in first runner up position again this year. Adviser numbers also rose by 8 per cent to 2 661 during the year.

Most importantly, according to Keith Carby, chief executive, it reported its first operating profit of £2.8m in 2007 since being spun-off from Zurich Advice Network in 2005. As the exceptional costs associated with restructuring tapers off, Openwork may even net a full year profit this year.

He said: "The operating profit is a fair way of judging us. Given we are a business that was created in 2005, our trend upwards in profitability is a very strong one."

Like the rest of the industry, however, Openwork is tested by the ailing mortgage market. Perhaps other business areas will continue to provide some uplift for the group. Last year, its pensions division grew by 40 per cent and single premium investments also performed significantly well. Nonetheless, the mortgage business remains one that it is "deeply committed to", Mr Carby said.

Apart from tackling the immediate challenges of financial market turbulence and regulatory hurdles arising from the retail distribution review, Openwork will continue to focus on its five-year plan which runs up to the end of 2013.

Mr Carby said: "We know as a commercial business we want to give substantial returns to the shareholder but given that 75 per cent of shareholders are its people we want to create a very strong business and the way to do that is to make sure the consumer is really well looked after. That’s our total focus for the next five years."